With XRP plunging in value following a wave of exchange delistings and trading suspensions, Ripple Labs issued a statement Tuesday vowing to respond to the United States Securities and Exchange Commission’s allegations against the company. The statement opens with the following message: “The public and press have only heard the story from the SEC’s side, and we’ll be filing our response in a few weeks to address these unproven allegations against Ripple.” The statement claims that the SEC is using Ripple to bring down the entire cryptocurrency industry in the United States and that, for years, the company has sought …

XRP price dropped by 30% on Dec. 29 following Coinbase’s decision to suspend trading. The market sentiment around XRP has become overwhelmingly negative due to the fear of more exchange delistings. In the near term, XRP faces three key historical support levels at $0.224, $0.1743 and $0.1471. Where will the XRP price go next? The ongoing price trend of XRP is not cyclical nor reliant on technical analysis. It is due to investors selling XRP following the suspension of trading across major cryptocurrency exchanges. On Dec. 29, Coinbase announced that it is suspending the XRP trading pairs on their platform. …

Bitcoin (BTC) fell below $26,000 on Dec. 29 as fresh fallout from Ripple’s threatened lawsuit with the United States Security and Exchange Commission was felt throughout crypto markets. BTC price dips as Coinbase halts XRP trading Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD hitting lows of $25,830 during Tuesday trading. $27,000 support failed to hold overnight, sparking a retest of lower levels that now center on $26,000. On the weekend, Bitcoin hit all-time highs of $28,400 before swiftly reversing. The latest losses come as XRP, the fourth-largest cryptocurrency by market cap, hits $0.23 thanks to major U.S. exchange …

Major cryptocurrency exchange Coinbase will suspend trading for XRP in response to the United States Securities and Exchange Commission taking legal action against Ripple. According to a blog post published today by Coinbase chief legal officer Paul Grewal, the exchange will fully suspend XRP trading starting on Jan. 19 at 10:00 am PST. Coinbase clarified that “trading may be halted earlier as needed” to maintain the exchange’s market health metrics. In addition, the suspension will reportedly not affect Ripple-backed Flare Network's upcoming Spark (FLR) token airdrop. "The trading suspension will not affect customers' access to XRP wallets which will remain …

Crypto exchange OKCoin announced it would suspend XRP trading and deposits following the news that the United States Securities and Exchange Commission would be pursuing legal action against Ripple. In a blog post released today, OKCoin said its "best course of action" in response to the recent SEC lawsuit would be to suspend trading and deposits of XRP. The exchange wrote that the suspension would take place over two days. Users who borrowed XRP/USD through OKCoin "are required to return the borrowed value" before Jan. 3. The following day, the exchange will suspend spot trading, margin trading and deposits for …

Just over a month ago on Nov. 24, XRP’s value surged to above the $0.90 mark on U.S. cryptocurrency exchange Coinbase, albeit momentarily, leading many backers to believe that the digital currency was all set to skyrocket once again, possibly even retesting its January 2018 all-time high of over $3. However, in the wake of the recent lawsuit laid out by the United States Securities and Exchange Commission against Ripple, not only does a future value hike look increasingly improbable for XRP but the project’s future as a whole could be in jeopardy. The SEC’s core argument against the digital …

Several central banks have resorted to unprecedented monetary expansion and aggressive rate cuts to support their respective economies badgered by the coronavirus pandemic. Record liquidity has resulted in sharp rallies in the S&P 500, gold, and Bitcoin (BTC), which suggests that investors are plowing money into assets of their choice. While gold is way below its all-time high set in August, both the S&P 500 and Bitcoin are near their all-time high. The last five trading days of the year and the first two of the next year have historically been bullish for the S&P 500, dubbed as the "Santa …

The U.S. Securities and Exchange Commission has not been kind to crypto in the past year. In March 2020, in the SEC v. Telegram case, the Commission won a worldwide injunction against the proposed issuance of Grams by Telegram, undoing years of innovative work even in the absence of any allegations of fraud. Then, on the last day of September 2020, Judge Alvin K. Hellerstein dashed the hopes of Kik Interactive by ruling in favor of the SEC’s motion for summary judgment in SEC v. Kik Interactive, finding that Kik had sold securities when it issued its Kin crypto tokens. …

The year 2020 was a forgettable one for many reasons including lockdowns and economic restrictions. The shutdowns resulted in the worst economic crisis seen in decades. At the same time, most governments and central banks have responded with unprecedented fiscal stimulus and monetary expansion measures to revive their economies. Therefore, institutional investors who are wary of potential inflation — and possibly even hyperinflation — as a result, are scrambling to hedge their portfolios with assets that can protect them from gradual currency depreciation. Until now, gold was considered the best store of wealth, and it has not disappointed investors as …

XRP price spiked by 40% in the past 24 hours, recording a 52% gain at the day’s peak. Behind the surprising rally was a big short squeeze that caused massive volatility within hours. It is evident that the upsurge was driven by a short squeeze across futures exchanges because of the speed of the rally. It took XRP around four hours to surge from $0.2536 to as high as $0.3120. Since then, it has pulled back to around $0.3550 on major exchanges, including Binance. What triggered the big XRP short squeeze? On Dec. 23, when the entire market corrected, XRP …

XRP price dropped steeply below $0.3 on Dec. 24, hitting as low as $0.2138 on Binance. The selling pressure on XRP has intensified in the aftermath of the high-profile lawsuit filed by the United States Securities and Exchange Commission against Ripple. There are three main factors behind XRP’s sharp price drop, namely the SEC lawsuit, likely delisting by exchanges and worsening market sentiment. Ripple lawsuit is worse than EOS and Kik, investor says This isn’t the first high-profile lawsuit or settlement the SEC has had with a blockchain firm or a token. EOS and Kik both settled with the SEC, …

Global money transfer service MoneyGram has clarified the nature of its collaboration with its blockchain partner Ripple following the latter’s recent probe by the U.S. Securities and Exchange Commission. In a press statement issued on Dec. 23, MoneyGram revealed that it has never utilized Ripple’s counterparty services, namely On-Demand Liquidity (ODL) and RippleNet, for forex transactions. "As a reminder, MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds – digital or otherwise. Furthermore, MoneyGram is not a party to the SEC action." The company added: "MoneyGram has continued to utilize its other traditional FX …